Togo: First Review under the Extended Credit Facility-Press Release; and Staff Report

International Monetary Fund

No 2017/379, IMF Staff Country Reports from International Monetary Fund

Abstract: This paper discusses Togo’s First Review Under the Extended Credit Facility (ECF) Arrangement. Program implementation under the ECF-supported program has been good. All quantitative performance criteria and prior actions were met as well as four out of five structural benchmarks. The fiscal consolidation envisaged under the ECF-supported program has begun. The primary deficit improved from an annual average of about 6 percent of GDP in 2013–16 to a surplus of 1.4 percent of GDP in the first half of 2017, due primarily to expenditure rationalization and the halting of non-orthodox financing of public investment. The IMF staff supports the completion of the first ECF review as most quantitative targets, prior actions, and structural benchmarks have been met.

Keywords: ISCR; CR; GDP; arrears stock; state-owned enterprise debt.; government finance statistics; state-owned enterprise debt; bank recapitalization cost; debt profile; government Finance Statistics Manual; Arrears; Public investment spending; Fiscal stance; West Africa; Global; Sub-Saharan Africa (search for similar items in EconPapers)
Pages: 71
Date: 2017-12-15
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